WILL AFFORDABLE HOUSING CONTINUE TO FACE A GRIM SITUATION AFTER COVID?

The virus has been harsh on every aspect and every industry of the world. The market is suffering and will probably take a very long time to recover from the adverse effects of the situation that we are in right now. Physiologically and psychologically. The people of the corporate sector have been mentally drained by the helplessness of the given circumstances. However, we might be transitioning to a better period in terms of a few aspects at least. Real estate might just be one of them. The economy has been rampaged and there are little to no exceptions to that. In these times people look for affordable and cheaper alternatives to the rather more extravagant ones.

With the affordable housing projects developing and flourishing as a concept, people seem to look them up more. Statistically, people have been spending more time on the internet reading about affordable housing projects and topics likewise to this. People tend to incline more towards these cheaper alternatives because of how everyone has suffered the consequences of the current times. The affordable flats in Gurgaon and other parts of the country might see positive growth. They might have been under damage because people would not necessarily want to bear the expenses of buying a new house in the middle of a global pandemic. But soon enough when they will be ready to buy new houses, they still will look for an option that will not suddenly hit their pockets. The affordable housing projects will not face a grim situation after the Covid era, rather it will see growth.

As things will start to open, the people who had been home for all this while will have to get out there and either rent an apartment or buy one. In either case, they will look for an investment that will harmoniously complement their pockets. Since there will obviously be plenty to still figure out, like transportation and food, it will take time for things to get back to normal. Or instance, people will prefer a personal and more safe way of commuting like probably private taxis or cabs. Some might even plan to buy their personal vehicles. This needs a lot of planning about the correct allocation of funds. Some industries, however, will nevertheless receive backlash or face a gradual decline after Covid. For example, the online courses. People will be back at it in the world and will have little to no time to pursue what they might have started learning from online courses. However, another interesting direction that all of this might go in is realizing how convenient this online mode of functioning is. People earlier were barely aware of the fact that from big companies to small businesses, everything is capable of running online. Now that they are, they might just resort to it. This will save a lot of money and time which can be used in further productivity and creativity in work. Other industries that might flourish and see the brightness of the sun are theaters and transport services. Anyway, coming back to real estate. Our country has been seeing noticeable progress in the real estate industry ever since RERA was imposed. The standardization that was required, was in turn received. It has been gaining people’s confidence and faith in the business. This is another reason why people have been into the idea of buying houses without fearing what might come their way.

The country that we are in, tends to not follow rules at times. We sometimes do not get what we are promised and sometimes alliances have a price on them. Bribery and inefficiency of the system are what seed doubts in people’s heads. These doubts will probably take ages of rebuilding and rectifications to be eradicated from the minds. But as long as the law is taking care of them and tangible action is taken against it, people will believe in the good. Globally, people have gone through a lot, but they are going to get through it together. The affordable housing projects have been a blessing in disguise. At this point, it is almost as if this is what it was made for. The housing for everyone program launched by the government will turn out to be a blessing for many. It might have its unforeseeable cons that we might not see until that situation arises but the same goes for the pros. However, what needs to be kept in mind is the fact that there can only be estimations and guesses made about the future. And according to those estimations and guesses, the affordable housing projects are not going to face a grim situation after the Covid era. The builders too might pace up because it will surely be in a lot of demand once people get back to the normal life that they had before the pandemic.